The Calgary Herald
Shell settlement wins approval
Herald News Service
Courts – Royal Dutch Shell PLC, Europe’s largest oil company by market value, won preliminary approval of a $120-million US settlement over claims it misled investors about oil and natural gas reserves.
The Pennsylvania State Employees’ Retirement Board and the Public School Employees’ Retirement Board brought the claims on behalf of all U.S. investors who purchased Shell shares between April 1999 and March 2004. The two funds will recover about $6.5 million as a result of the settlement, Pennsylvania Attorney General Tom Corbett said Wednesday in a statement.
U.S. District Judge Joel A. Pisano in Trenton, N.J., gave preliminary approval Tuesday to the deal, which covers all investors who purchased Shell shares on U.S. markets and American citizens or entities who bought them in non-U.S. markets.
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